AUD/USD: Aussie trading on a weaker footing in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 2.79% against the USD and closed at 0.6749 yesterday.

LME Copper prices declined 0.7% or $12.0/MT to $1732.5/MT. Aluminium prices declined 0.2% or $17.0/MT to $5698.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6734, with the AUD trading 0.22% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s export price index registered a drop of 5.2% in 4Q19 on a quarterly basis, lower than the market expectations for it to fall to 5.4% and compared to an advance of 1.3% in the prior quarter.

The pair is expected to find support at 0.6718, and a fall through could take it to the next support level of 0.6701. The pair is expected to find its first resistance at 0.6764, and a rise through could take it to the next resistance level of 0.6793.

Moving ahead, investors await Australia’s producer price index and private sector credit data, slated to release in the early hours tomorrow.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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